NBER WORKING PAPER SERIES ARE ASSET PRICE GUARANTEES USEFUL
... Meltzer (2003) proposed the use of ex-post price guarantees to be offered by an IFO to anchor the orderly resolution of a default once it has been announced and agreed to with the IFO. The IFO would determine the crash price of the defaulted asset and would require the country to commit to re-purcha ...
... Meltzer (2003) proposed the use of ex-post price guarantees to be offered by an IFO to anchor the orderly resolution of a default once it has been announced and agreed to with the IFO. The IFO would determine the crash price of the defaulted asset and would require the country to commit to re-purcha ...
to all the texts (in date order, with some
... crisis in the 1970s and 80s, one has spawned a whole series of further studies. He is professor of economics at Mount Holyoke College in Massachusetts, USA. His books include The Falling Rate of Profit in the Postwar United States Economy (1991), and he edited the English edition of Enrique Dussel's ...
... crisis in the 1970s and 80s, one has spawned a whole series of further studies. He is professor of economics at Mount Holyoke College in Massachusetts, USA. His books include The Falling Rate of Profit in the Postwar United States Economy (1991), and he edited the English edition of Enrique Dussel's ...
Spillover Effect of US Quantitative Easing From the
... operated over the last decades. Since its beginning, the QE quickly arose growing concerns all around the world with respect to adverse externalities that it might have caused in a number of foreign economies. The originality of this thesis is focus precisely on the spillover effects of QE on emergi ...
... operated over the last decades. Since its beginning, the QE quickly arose growing concerns all around the world with respect to adverse externalities that it might have caused in a number of foreign economies. The originality of this thesis is focus precisely on the spillover effects of QE on emergi ...
Sovereign CDS and Bond Pricing Dynamics in the Euro-area
... Short-term deviations show surprising persistence. On average, only 2% of price discrepancies are eliminated within two business days. This suggests that there may be some rigidities at play in one or both markets. The approach and conclusions of our study are also similar to those in Blanco et al. ...
... Short-term deviations show surprising persistence. On average, only 2% of price discrepancies are eliminated within two business days. This suggests that there may be some rigidities at play in one or both markets. The approach and conclusions of our study are also similar to those in Blanco et al. ...
Joint Center for Housing Studies Harvard University
... servicers to modify distressed loans, to little avail. In contrast, the Obama Administration adopted the second model, offering subsidies to servicers to modify distressed loans.13 During the early stages of the crisis, in 2007 and the first part of 2008, public policy was mostly concerned with imp ...
... servicers to modify distressed loans, to little avail. In contrast, the Obama Administration adopted the second model, offering subsidies to servicers to modify distressed loans.13 During the early stages of the crisis, in 2007 and the first part of 2008, public policy was mostly concerned with imp ...
Pillar 3 Disclosures Quantitative Disclosures As at 31
... either the SA or the IRBA Ratings-Based Method applying ratings from Fitch, Moody's and/or Standard & Poor's as the case may be, where available. ...
... either the SA or the IRBA Ratings-Based Method applying ratings from Fitch, Moody's and/or Standard & Poor's as the case may be, where available. ...
The Cost of Immediacy for Corporate Bonds
... participants, who will likely, albeit reluctantly, spread their large trades over time, or give up on large trades altogether. In fact, measured trading costs might decrease, leading to erroneous conclusions about recent regulations. To use an analogy, rules increasing the cost of air travel will in ...
... participants, who will likely, albeit reluctantly, spread their large trades over time, or give up on large trades altogether. In fact, measured trading costs might decrease, leading to erroneous conclusions about recent regulations. To use an analogy, rules increasing the cost of air travel will in ...
capitalization rate, mortgage interest rate and
... estate market, and mortgage interest rate measures the cost of debt. They are important factors developers will encounter when making investment and financing decisions. It is difficult to quantify mortgages used to refinance and invest. However, capturing important factors affecting mortgage flows ...
... estate market, and mortgage interest rate measures the cost of debt. They are important factors developers will encounter when making investment and financing decisions. It is difficult to quantify mortgages used to refinance and invest. However, capturing important factors affecting mortgage flows ...
Recent episodes of credit card distress in Asia
... to 5% in 2001. Korea’s outstanding credit card debt grew most rapidly, from 4% in 1999 to a peak of 15% by 2002. Taiwan was in between, with balances growing from 5% in 2002 to 9% in 2005. At the time, such credit card lending booms might have appeared to reflect no more than a catch-up process, giv ...
... to 5% in 2001. Korea’s outstanding credit card debt grew most rapidly, from 4% in 1999 to a peak of 15% by 2002. Taiwan was in between, with balances growing from 5% in 2002 to 9% in 2005. At the time, such credit card lending booms might have appeared to reflect no more than a catch-up process, giv ...
Central Bank of the Republic of China (Taiwan)
... previous year after the implementation of a sales tax increase. Moreover, emerging economies did not gather further momentum for economic recovery. As a result, the economic growth of advanced economies is expected to proceed at a sustainable pace in 2015, as predicted by IHS,1 while emerging econom ...
... previous year after the implementation of a sales tax increase. Moreover, emerging economies did not gather further momentum for economic recovery. As a result, the economic growth of advanced economies is expected to proceed at a sustainable pace in 2015, as predicted by IHS,1 while emerging econom ...
Dealers` Hedging of Interest Rate Options in the U.S. Dollar Fixed
... calculated from the estimated strike prices. Chart 1 also shows, as a mirror image, the value of a hedge position that provides a delta-neutral hedge of the options at the initial interest rates (the dashed line). The hedge position is derived by using the estimated strike prices to calculate the pr ...
... calculated from the estimated strike prices. Chart 1 also shows, as a mirror image, the value of a hedge position that provides a delta-neutral hedge of the options at the initial interest rates (the dashed line). The hedge position is derived by using the estimated strike prices to calculate the pr ...
Active or Passive
... Due to the lower beta risk, it is understandable that over the full market cycles, equity categories have a below 100% downside capture ratio (92.72%) and a below 100% upside capture ratio (95.12%). On average, active managers provided some downside protection in bear markets with a downside capture ...
... Due to the lower beta risk, it is understandable that over the full market cycles, equity categories have a below 100% downside capture ratio (92.72%) and a below 100% upside capture ratio (95.12%). On average, active managers provided some downside protection in bear markets with a downside capture ...
United States housing bubble
The United States housing bubble was an economic bubble affecting many parts of the United States housing market in over half of American states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2012. On December 30, 2008, the Case-Shiller home price index reported its largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is—according to general consensus—the primary cause of the 2007–2009 recession in the United States.Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets. In October 2007, the U.S. Secretary of the Treasury called the bursting housing bubble ""the most significant risk to our economy.""Any collapse of the U.S. housing bubble has a direct impact not only on home valuations, but the nation's mortgage markets, home builders, real estate, home supply retail outlets, Wall Street hedge funds held by large institutional investors, and foreign banks, increasing the risk of a nationwide recession. Concerns about the impact of the collapsing housing and credit markets on the larger U.S. economy caused President George W. Bush and the Chairman of the Federal Reserve Ben Bernanke to announce a limited bailout of the U.S. housing market for homeowners who were unable to pay their mortgage debts.In 2008 alone, the United States government allocated over $900 billion to special loans and rescues related to the U.S. housing bubble, with over half going to Fannie Mae and Freddie Mac (both of which are government-sponsored enterprises) as well as the Federal Housing Administration. On December 24, 2009, the Treasury Department made an unprecedented announcement that it would be providing Fannie Mae and Freddie Mac unlimited financial support for the next three years despite acknowledging losses in excess of $400 billion so far. The Treasury has been criticized for encroaching on spending powers that are enumerated for Congress alone by the United States Constitution, and for violating limits imposed by the Housing and Economic Recovery Act of 2008.